Public sector lender Bank of Baroda on May 10 reported a net profit of Rs 4,886 crore for the January-March quarter of the financial year 2023-24, which marks a 2.3 percent jump as compared to a net profit of Rs 4,775 crore clocked in the year-ago period.
The bank's gross non-performing asset (NPA) stood at 2.92 percent, down from 3.79 percent in the corresponding quarter last year. On the other hand, net NPA for the quarter stood at 0.68 percent as compared to 0.89 percent a year ago.
The lender's net interest income for the quarter stood at Rs 11,793 crore from Rs 11,525 crore from last year. The bank saw a compression in its net interest margin which fell to 3.18 percent from 3.31 percent last year.
Total domestic deposits of the bank stood at Rs 11.28 lakh crore, growing 7.7 percent yearly from Rs 10.47 lakh crore. And domestic advances grew by 12/9 percent from Rs 7.95 lakh crore in Q4FY23 to Rs 8.98 lakh crore in Q4FY24.
Shares of the bank were trading at Rs 251.80 apiece at 3.22 pm on May 10, down 4.13 percent on BSE.
reversed Rs 31.32 crore in the March quarter of FY24 from the total Rs 50.49 crore made on the investment in alternative investment funds (AIF).
It was done after the Reserve Bank of India's (RBI) clarification on the AIF provisions guidelines, the public sector bank said in an earnings release on May 10.
“Based on the subsequent clarification issued by RBI vide circular dated March 27, 2024, the Bank has reassessed the provision and accordingly, the Bank has reversed provision of Rs 3132 lakhs during the quarter ended March 2024 in respect of the investment in AIFs,” lender said in a release.
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